Ghana’s economy is buckling under a rapidly growing mountain of debt and a sluggish global economy, President of IMANI- Africa, Franklin Cudjoe has reiterated.
However, Cudjoe believes Ghana’s situation and other poor economies alike were exacerbated by what he calls wasted opportunities.
“Yes, global food&fuel prices are rising. However some countries wasted opportunities,” he made the point while commenting on Ghana’s record-high inflation in a Facebook post.
According to him, the “unprecedented debt iceberg” hasn’t returned the needed buffers against food inflation.
He added: “Nana’s ‘Hell Kitchen’ is serving pain & squalor.”
Concerns over incessant consumer inflation and the prevailing liquidity squeeze appear to scare away investors, reports say.
As recently announced, consumer inflation now stands at double the central bank’s medium-term target of 8 percent with a band of ±2 percent, as prices rallied at 23.6 percent year on year (y/y) in April 2022, far exceeding market expectations on the back of some perceived major inflation risks emanating from food inflation.
Meanwhile, fuel may see a significant increase in price from rising international prices and domestic shortages in the second pricing window of May, according to the Institute for Energy Security (IES).
“For the rest of May 2022, the 7.64% rise in Gasoline price, 1.90% rise in Gasoil price, and the 6.05% rise in the price of LPG on the international market will push local market prices higher,” IES said in a release on Sunday, May 15, 2022.
Source: Kasapafmonline.com